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Gates Industrial Q1 Earnings, Revenue Increase

05/10/2021 04:30

08:28 AM EDT, 05/10/2021 (MT Newswires) -- Gates Industrial (GTES) reported adjusted diluted EPS of $0.33 for Q1 of 2021, compared with $0.21 a year earlier. Analysts polled by Capital IQ expected adjusted EPS of $0.31.

Revenue for the quarter ended April 3 was $881.3 million, compared with $710.1 million in Q1 of 2020. The analysts' consensus forecast was for revenue of $861.2 million.

The company said it is increasing its full-year 2021 outlook, and now expects core revenue growth of 18% to 21% from previous guidance of 9% to 14%. It also expects adjusted EBITDA margin of 22% to 22.8%, compared with previous guidance of 21% to 22%.

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